The PX-50 index gained 1.23% yesterday. Volumes were once again above average despite the fact that overseas markets were closed for the national holiday. CEZ continued to rank as the most actively traded stock as locals continue to buy into the name despite recent reports suggesting the sale of the 16% stake may occur this year. Currently CEZ trades substantially above the pre-announcement level. Cesky Telecom gained slightly - we continue to see the CZK 380-395 range - we would be especially focused should it once again test the CZK 400 level as we think breaking through this barrier may spark upward momentum. Zentiva was well bid despite no news, while Tabak gained on London buying and an initiation by a local bank. Erste gained against our expectation, though we believe it was a purely technical move and do not expect any further sharp upward move in days to come.
November retail sales increased by 8% y-o-y, above the market and our expectation of 6% y-o-y. In October retail sales grew by 1.7% y-o-y.